Ranking the Best Online Brokers for Desktop Investing Experiences in Canada

Qtrade Direct Investing continues to offer the best online brokerage desktop investing experiences amongst Canadian Online Brokers

The world of online brokerage digital platforms continues to evolve, with firms vying for attention through innovative features, bold marketing, and competitive pricing. Yet, beneath the surface, there's a stark difference between those who truly deliver a seamless, feature-rich experience and those that merely scratch the surface. At Surviscor, we've taken a deep dive into the 2024 landscape, scrutinizing desktop platforms to uncover the strengths and weaknesses shaping the desktop-based self-directed investing space. From the consistent excellence of Qtrade Direct Investing to the missed opportunities of platforms like Wealthsimple Trade, this year's analysis sheds light on the tools and strategies investors need to succeed.

While some firms excel at offering robust, educational, and functional platforms, others remain bogged down by outdated features or over-reliance on gimmicky marketing. DIY investing isn't easy - it demands platforms that empower users with intuitive tools, deep learning resources, and broad functionality. Our findings highlight the importance of holding digital investing partners accountable, emphasizing that overall investing experiences require desktop platforms. Whether you're seeking ESG-focused investments, advanced options trading capabilities, or simply a platform that keeps pace with industry innovation, the insights ahead will guide you toward making informed decisions.

Review Headlines

QTRADE DIRECT INVESTING Stays on Top

For the fourth year in a row, Qtrade Direct Investing holds its position as the leader in online brokerage desktop platform experiences.

TD DIRECT INVESTING: Always the Runner-Up

TD Direct Investing continues to hover near the top of the rankings but hasn't quite snagged the number one spot yet.

Scotia iTRADE: Staying the Course

Even with the full rollout of its new platform, Scotia iTRADE's overall ranking in the industry hasn't budged.

BMO INVESTORLINE Cracks the Top 5

Some minor tweaks were all it took for BMO InvestorLine to leap ahead of RBC Direct Investing and land in the top five.

DESJARDINS ONLINE BROKERAGE: Best for $0 Commissions

If you're looking for a no-commission desktop platform, Desjardins Online Brokerage takes the crown as the best in this category.

WEALTHSIMPLE TRADE: Desktop Platform Falls Short

Wealthsimple Trade's desktop experience is a big disappointment, with a shockingly low score of just 18%. Proceed with caution.

2024 Online Brokerage Desktop Experience Rankings

Surviscor's annual Online Brokerage Desktop Investing Experience review is the most comprehensive, objective analysis in North America and evaluates key aspects of the customer journey - including Pre-login, User, and Transactional Experiences - across various online brokerage platforms. Here is the list of the Best and Worst firms:

This year, 11 Canadian online brokerage desktop investing platforms were rigorously assessed, including 5 bank-owned commission firms, 3 no-commission firms, and 3 non-bank firms. With the use of 394 criteria across six main experience categories, 27 sub-categories and 3,561 objective experience questions, the review aims to help you select the best desktop-based online brokerage experience by highlighting the clear and distinct differences amongst the online brokerage firms.

See the Rankings by Firm Type

Why Surviscor Reviews Are Different

Surviscor Experience Reviews are the largest and most unbiased evaluations in North America, offering uncompromised facts about real customer experiences and digital journeys. Unlike other review firms or individuals, whose rankings are often subjective or firm-sponsored, Surviscor bases its reviews on extensive factual data, not limited or biased sample sizes commonly found online:

• Surviscor reviews are grounded in objective data, not influenced by subjective firm-sponsored studies or small sample sizes often found online.
• Firms cannot influence the review process or opt out of Surviscor evaluations; if they offer the service, they are automatically considered.
• Award distinctions are not influenced by sponsored content, misleading marketing, or pay-to-play schemes that prioritize brand exposure over genuine merit.

KEY FINDINGS

Surviscor believes in giving credit where it's due, and every review aims to highlight a wide range of firms. The goal is for all Canadian DIY self-directed investors to hold their online brokerage partners accountable for their desktop-based investing experiences. Here's a quick summary of the key findings from the 2024 Online Brokerage Desktop Investing Experience review:

The Wins

• Options Investing Gets a Boost: The industry is placing more focus on improving education and trade types for options investors.
• Learning Gets Interactive: Advanced, interactive educational tools are becoming a bigger priority across the board.
• Spotlight on ESG Investing: There's a growing focus on market information related to Environmental, Social, and Governance (ESG) investing.
• International Trading Returns: Thanks to RBC Direct Investing, electronic international trading is back.
• Qtrade Direct Investing Reigns Supreme: Qtrade Direct Investing continues to hold the #1 spot in the rankings.



As a new investor, how can you succeed when your investing platform doesn't provide the essentials? Check the rankings, challenge your current choice, and don't hesitate to explore additional online brokerage options. Always approach industry marketing with caution - many claims focus on irrelevant or minor differences that don't impact your success.

Glenn LaCoste, President and CEO of Surviscor Group



The Misses

• Stagnant Rankings: There hasn't been much movement in the industry rankings over the past year.
• Wealthsimple Trade Isn't the Solution: Unfortunately, Wealthsimple Trade doesn't provide what new investors need to succeed.
• RBC Direct Investing Cuts a Feature: Electronic new issue trading has been removed.
• BMO InvestorLine Downgrades Messaging: Access to secure messaging via MyLink is no longer available.
• Scotia iTRADE's Updates Fall Flat: Despite its new look, Scotia iTRADE didn't make any significant impact on its rankings.

See What Makes Surviscor Different

Go to Lessons Learned

Go to The Bottom Line

Online Brokerage Desktop Experience Rankings - By Firm Type

The Canadian self-directed online brokerage market provides a variety of options beyond the traditional big banks. Investors can choose from commission-free platforms for stocks and ETFs, bank-owned brokerages, or independent non-bank firms. Here's a breakdown of the top performers and underachievers in each segment:

COMMISSION-FREE BROKERAGE FIRMS - Desktop Rankings

The key message in this segment is that not all commission-free platforms are created equal as there are clear differences in quality. Here's how they ranked:

It's no surprise that commission-free platforms struggle to keep up with firms that charge fees and generate revenue. What's shocking, though, is just how poorly Wealthsimple Trade scores when compared to its competitors.

Go back to the 2024 Online Brokerage Desktop Experience Rankings

Lessons Learned

Every year, Surviscor's reviews highlight important industry takeaways, especially when we dive deep into the digital platforms of online brokerages. Here are some key lessons from 2024 - don't be surprised if a few echo insights from 2023:

The Meaning Behind the Scores (Yes, Again)

Wondering what separates an 86% score from an 18%? Think of the score as a pace car - it shows how well a firm keeps up with the features and functionality offered across the industry. A score of 60% means the firm is operating at 60% of the speed compared to its competitors. The higher the score, the better the overall experience for investors.

Desktop vs. Mobile Rankings - Big Differences

If you compare rankings between desktop and mobile platforms, you'll notice some firms score similarly but rank very differently. Why does this matter? Investors need strong tools on both desktop and mobile platforms to succeed in DIY investing - not just the one platform their brokerage focuses on.

Options Investing Makes a Comeback

Options trading has been around for decades but is often misunderstood, even by seasoned investors. Recent trends are changing that, with brokerages introducing advanced order types (like multi-leg orders for multiple contracts) and offering in-depth learning resources and strategies to make options trading more accessible.

ESG Investing Data is Gaining Momentum

ESG - short for Environment, Social, and Governance investing - is all about aligning investments with personal values. This approach has been around for years, but now we're seeing more tools to help investors screen for ESG-focused companies. The rise in analytics is making ethical investing more accessible and actionable.

Learning Goes Beyond Financial Literacy

At Surviscor, we've always championed financial literacy, but education is evolving. Firms are starting to focus on teaching investors how to navigate their digital platforms with interactive tools like videos and webinars. These platforms can be intimidating, so kudos to the firms helping investors learn how to "drive the car."

Go back to the 2024 Mobile Brokerage Experience Rankings

The Bottom Line

Most online brokerages are constantly coming up with innovative ways to attract new investors - and, of course, new money. While their marketing often highlights significant investments in digital strategies, the truth is that most investors can't rely on a single platform to fully maximize their self-directed investing journey.

A great DIY investing experience always requires a strong desktop platform. Many firms claim they make investing "easy," but let's face it - DIY investing is far from easy. Investors should look for partners that offer feature-rich and highly functional digital platforms, rather than settling for platforms with fewer tools and less capability.

At Surviscor, we give credit where it's due. Our hope is that Canadian investors hold their digital investing partners accountable in all areas of their online experience - both desktop and mobile. Unfortunately, many institutions seem more focused on flashy marketing and pricing gimmicks than on delivering robust functionality. In a competitive digital investing landscape, this approach could lead to irrelevance. #DemandTheBest

The Surviscor DISCLAIMER

Surviscor takes the ultimate pride in recognizing, and calling out, any firm for both good, and poor, experiences. Canadians work hard for their money and having a compatible digital investing financial partner is necessary and Canadian investors should be holding all firms, big and small, to the highest standards of digital and customer experience. You hold the cards. Don't focus on Free. Focus on Value. #FindTheBestValue